[B_E102]

business risk management

A newer, broader application of the risk management concept. It refers to an aggressive approach to handling an organization’s multitude of exposure to loss of tangible and intangible property, including income. It may use a variety of tools to avoid loss, such as safety procedures, insurance, shifting of risk via contracts, arranging for alternate supply channels, etc. The concept focuses on growing concerns that face new, often unanticipated, risks.